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Euro Rises Above $1.28

By

Javier E. David

Updated Jan. 18, 2012 5:26 p.m. ET

NEW YORK—Successful debt auctions in Portugal and Germany, and the potential for more international support to staunch Europe's debt crisis helped boost the euro, with the single currency rising by nearly 1% against the dollar and yen.

Markets are still rattled by fears of debt contagion stemming from Europe's debt crisis, especially in the wake of Friday's credit-ratings downgrade of a host of euro-zone countries. Nonetheless, a series of successful bond auctions helped the euro rise from last week's 16-month low against the...